Tempe, Arizona: A Premier Destination for Commercial Real Estate

Introduction

Tempe, Arizona is a thriving hub for commercial real estate (CRE), offering a unique blend of economic vitality, strategic location, and diverse industry presence. With a population of approximately 200,000, Tempe is part of the Greater Phoenix area, a major metropolitan region known for its robust economy. The city is home to a variety of industry clusters, including technology, education, and healthcare, making it an attractive location for CRE investments.

Economic and Industry Overview

Tempe's economy is bolstered by major industries such as technology, biotechnology, and aerospace. The presence of Arizona State University (ASU), one of the largest public universities in the U.S., fosters an environment ripe for innovation and research, driving demand for office and research facility spaces. The city also hosts numerous tech startups and established firms, which boosts the demand for flexible office spaces and industrial properties.

Key regional economic development initiatives, such as those by the Greater Phoenix Economic Council, focus on attracting high-growth industries and supporting the expansion of existing businesses, further enhancing the city's CRE landscape.

Strategic Location and Transportation Infrastructure

Tempe boasts a strategic location with excellent transportation infrastructure. The city is intersected by major highways, including Interstate 10 and U.S. Route 60, providing seamless connectivity to the rest of the Phoenix metropolitan area and beyond. The Phoenix Sky Harbor International Airport, located just minutes away, is a critical asset for businesses requiring national and international travel.

Tempe's proximity to major distribution hubs and a skilled labor pool makes it an ideal location for logistics and distribution centers. The city also benefits from access to rail lines operated by Union Pacific, enhancing its logistical advantages.

Commercial Real Estate Inventory & Zoning

Tempe offers a diverse range of commercial real estate submarkets, including its vibrant downtown Central Business District (CBD), industrial corridors in the southern parts of the city, and emerging innovation districts near ASU. Key asset classes in the city include:

• Office Spaces: Particularly in the downtown and university areas.
• Industrial Properties: Located in the southern and western industrial corridors.
• Retail Spaces: Scattered throughout the city, with significant presence in downtown and shopping centers.
• Multifamily Residential: Focused on high-density, commercial-grade developments near transit hubs.

The city is proactive in updating its zoning regulations to accommodate growth. Notable zoning changes and incentives can be explored through the City of Tempe Zoning Maps.

Major Employers and Institutions

Tempe is home to several major employers and institutions that contribute to its robust CRE demand:

• Arizona State University: A major driver of research and innovation.
• State Farm: With a significant operations center in the city.
• GoDaddy: Internet domain registrar and web hosting company.
• Insight Enterprises: Global IT company.

For a comprehensive list of employers, visit the Tempe Chamber of Commerce.

Notable Commercial Developments & Projects

Tempe is witnessing an array of large-scale commercial developments, including:

• Novus Innovation Corridor: A mixed-use development adjacent to ASU.
• Tempe Town Lake Projects: Various projects enhancing the waterfront area with commercial and retail spaces.

The city's active participation in public-private partnerships and Opportunity Zones is fostering significant investment in these areas. Details are available on the City of Tempe Economic Development Department.

Building Permits, Planning, and Development Tools

Developers and investors can access essential resources through the following:

• City of Tempe Building Safety
• Permitting Portals
• Parcel Map Viewer / GIS
• Planning Commission
• Development Code

Market Data & Economic Reports

Public data sets such as those from census.gov provide valuable insights into Tempe's economic landscape. Brevitas leverages AI-powered aggregation from these public data sources, along with internal insights, to offer comprehensive market data. Explore Brevitas-powered dashboards for in-depth analysis of Tempe's CRE market.

Why Use Brevitas for Tempe, Arizona CRE?

Brevitas offers a suite of AI-driven tools tailored for the CRE market in Tempe, Arizona:

• AI-Driven Discovery: Find the right properties with precision.
• Real-Time Market Alerts: Stay updated with the latest listings.
• Smart Property Pages: Enhance listings with detailed analytics.
• Dealroom Collaboration: Streamline negotiation and closing processes.

Unique features such as auto-generated listing pages, email and landing page tools, and integration with brokers and developers ensure exclusive listings and premium exposure. Brevitas is your go-to platform for comprehensive CRE solutions in Tempe, Arizona.